Competition Commission has cleared the Phoenix Mills Ltd's proposed Rs 5,450-crore deal to acquire a 49% stake in its joint venture firm Island Star Mall Developers Pvt.
Currently, The Phoenix Mills and Canada Pension Plan Investment Board (CPP Investments) hold 51% and 49% stake in ISMDPL, respectively.
Post deal, the company's stake in ISMDPL will rise to 100% as CPP Investments will exit the joint venture.
In a release on Tuesday, Competition Commission of India said it has approved the proposed acquisition.
ADVERTISEMENT
ISMDPL is primarily into the development of commercial and retail real estate in certain cities.
Add us to your Preferences
Set as your preferred source on Google
ADVERTISEMENT
RECOMMENDED FOR YOU
Blackstone To Invest Rs 700 Crore In Casagrand's Industrial, Warehousing Facility In Chennai
Los Angeles Clippers vs Phoenix Suns Live Streaming: How To Watch LAC vs PHX NBA 2025-26 Match Live?
IKEA Says Pune Priority Market, Retailer Set To Open 37,000 Sq Ft Store In Mall
Ikea Leases To Open First Store In Pune; Leases Space In Viman Nagar Mall
POPULAR
1
Groww Shares In Focus: Key Things To Watch Ahead Of Q2 Results
2
Stock Market LIVE: GIFT Nifty Hints At Negative Open; Hyundai, JSW Energy, TCS Shares In Focus
3
PM Modi Heads To South Africa To Attend G20 Summit
4
Biocon Eyes Acceleration Phase As USFDA Draft Guidelines Open Door To Cheaper Biosimilars: Kiran Mazumdar-Shaw
5